Centre on Wednesday announced that it has made amendments in the Foreign Trade Policy and Handbook of Procedures to allow for International Trade Settlement in Indian Rupees (INR) and settlement of exports/imports in Indian Rupees.
The amendments will allow International Trade Settlements in Indian Rupees for Export Promotion Schemes under the Foreign Trade Policy, , foreign trade policy, International Trade Settlement
Centre amends Foreign Trade Policy to allow international trade settlements in Indian Rupees northernirelandnews.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from northernirelandnews.com Daily Mail and Mail on Sunday newspapers.
Synopsis
The revised scheme has caught the attention of many corporates in India and some large multinational companies are considering this option given the distinct advantage and ease of administration, unlike other export formats.
iStock
Certain key issues which await clarification are allowability of depreciation on the used capital goods, relocation of EOU/SEZ under the scheme, and certain procedural relaxations in terms of compliance with allied Acts.
The Government, in an initiative to encourage local manufacturing, revamped the earlier ‘Manufacturing & Other operation in Warehouse Regulation’ (MOOWR) scheme, which was first introduced in 1966 under the Customs law. MOOWR allowed the owner of the warehoused goods to carry on manufacturing processes or other operations in such a warehouse, subject to specific conditions. The said scheme has been given a fresh impetus by liberalising certain key compliance requirements in the revised MOOWR, 2019, notified on 1 October 2